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Reviews of the Government Superannuation Fund Authority

Page updated 28 Jul 2011

Reviews of the Government Superannuation Fund Authority are carried out at least every five years as required under the Government Superannuation Fund Act 1956.

The Government Superannuation Fund Authority is an autonomous Crown Entity. Its functions are to manage and administer the Government Superannuation Fund (GSF) and the GSF Schemes in accordance with the Government Superannuation Fund Act 1956 (the Act).

Section 19B of the Act, introduced in October 2001, requires an independent review at least every five years of how effectively and efficiently the Authority is performing its functions under the Act. The first independent review of the Authority was completed in July 2006 by Mercer Investment Consulting.

In February 2011 the Minister of Finance agreed the terms of reference for the second independent review of the Authority under section 19B. The terms of reference were very similar to those for the first independent review of the Authority in 2006 and the 2009 review of the Guardians of New Zealand Superannuation.

In March 2011 the Minister appointed JANA Investment Advisers Pty Ltd (JANA) to carry out the review.

The Minister of Finance has now tabled JANA's report in Parliament, as required by section 19B of the Act. Read the related media statement by Hon Bill English, Minister of Finance on the Beehive website: Government welcomes GSFA review findings (28 July 2011)